OptionsXpress closing Aussie operations?

Hi All

Just looking to sign-up with an online options broker and heard great things about OptionsXpress.

Sadly, their online help guys told me they are closing all operations in Australia to focus on the US market by Dec 31, 2008.

Does anyone else know of an equally good Aussie online broker, with a similar fee structure and functionality? I looked at TraderDealer but I don't like the idea of data feed charges.

IB looks a bit too complicated - I like the look of OXP's layout and simple forms for buy-write strategies etc....

Use ETrade for stocks at the moment but they pretty much suck any time there is a significant movement in the US - the site crashes etc so i'd prefer to avoid them.

Any input would be great - thanks for helping a new fella out

Allan

https://www.aussiestockforums.com/forums/showthread.php?p=368076#post368076

Refer for discussions on Oz Brokers

I just found out that Etrade now have a new trading platform for options - https://invest.etrade.com.au/QuotesAndResearch/Options/Default.aspx. Had a look at their tour and it looks interesting, but their fees are horrible. Nearly twice TD's rate for trading and around ten times higher on exercise . One would have to actively avoid exercise which is a shame as exercise/assignment under the right conditions can be a good thing.

They are percentage based rather than per contract - might be useful to trade options on lower priced shares. Except the ASX take their $1.12 per contract so might not be much advantage after all.

Sorry for the ramble - just weighing up the pros and cons. I'm looking for a back up broker to replace OX. Has anyone used this new beaut options platform of Etrade? Does it go down when it's busy? Is the options phone line any better than their main phones?

This may sound weird but as a beginner high assignment costs has done me a world of good as its acted as a form of punishment for not managing positions properly, so much so that I’ve only copped one this year, a vast improvement over last year.

And as you pointed out Sails its not always a bad thing so I’m just about ready to move on.

Hey Allan,

Been calling brokers to weigh up the options (hehe), spoken to about half a dozen & they all give u the same spiel about their turnover size, platforms... blah blah blah... but you won't find the low cons f/t rates that OX had with anyone else. If you do let me know.

Re: OptionsXpress Australia Refocus for 2009

While the decision has been taken to cease our offering of trading in ASX securities and options effective 31st December 2008, OptionsXpress remain a strong company committed to servicing our Australian clients.

We have simply decided to focus on our core business activities of delivering online brokerage services in US securities, options and futures. Our strong belief is that our clients are better positioned to maintain their US brokerage activity with OptionsXpress Australia as a US brokerage leader and their Australian trading business with a specialist Australian Brokerage firm.

We intend to maintain a continued presence in Australia, trading on the US market.

Re: OptionsXpress Australia Refocus for 2009

optionsXpress said:

While the decision has been taken to cease our offering of trading in ASX securities and options effective 31st December 2008, OptionsXpress remain a strong company committed to servicing our Australian clients.

We have simply decided to focus on our core business activities of delivering online brokerage services in US securities, options and futures. Our strong belief is that our clients are better positioned to maintain their US brokerage activity with OptionsXpress Australia as a US brokerage leader and their Australian trading business with a specialist Australian Brokerage firm.

We intend to maintain a continued presence in Australia, trading on the US market.

Click to expand...

Very disappointing trying to trade in a small country, with an illiquid options market and expensive brokerage.